ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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India's Dilemmas: The Political Economy of Policymaking in a Globalised World

The performance of the Indian economy, as measured by the growth rate of aggregate income, has been remarkable, both in terms of past performance and in comparison to other nations. Among the several factors behind this, two which stand out are the economic reforms of the early 1990s and the sharp increase in the savings rate following bank nationalisation in 1969. This outstanding aggregate growth, however, comes with growing inequality and (declining but still) unacceptably high poverty. It is argued that this is partly a consequence of globalisation and gives rise to novel policy dilemmas. The need is for multi-country coordination of policies of a kind that has little precedence. India should use its improving global standing to initiate such an international effort.

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